The Consumer Financial Protection Bureau (CFPB) on Sept. 4 put financial firms on notice that they need to improve their responses to disputes over credit reports. The agency said lenders and debt collectors must conduct a thorough review of documents submitted by consumers to challenge any mistakes and disclose any errors to credit reporting firms.
The CFPB acknowledged that the three largest credit reporting firms -- Equifax, Experian, and TransUnion -- have improved the dispute process after a previous scolding from the regulator but said other industry players must do more. "The CFPB is making progress in trying to get the credit-reporting industry to comply with the law," said Chi Chi Wu of the National Consumer Law Center. "I wouldn't say by any means that we're completely there yet."